KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Adesoye College     Police Commissioner     Shero     Idi-Ape     Okin Biscuits     Yahaya A Paniyaro     Aliyu Muhammed     Nigerian Supreme Council For Islamic Affairs     Halimah Perogi     Florence Saraki     GAMA     BIR     Ayinke Saka     Gbadeyan Gbadura Yomi     Shonga Farm Project     Aliyu Muyideen     Femi Ogunsola     Ojuekun     KWACOBPA     Ibrahim Abdullahi     Oyedepo     Sulyman Atolagbe Alege     Nnazua     Prince Sunday Fagbemi     Oyun     Igosun     Sunset Workers     Yahya Mohammed     Offa     Aremu Odolaye     IYA ALFA NLA     Muhammed Danjuma     Nigeria Foundation For Artificial Intelligence     Al-Adaby     Trade Lenda SME Fair     Ganiyu Taofiq     Ariyo     Olayinka Olaogun     Kayode Yusuf     Oloriegbe     UITH     Valsolar     Mutawalle     Abegunde Goke     Lucky Omoluwa     Monkey Pox     Sobi Hill     Alagbado     Agor Market     Abdulrazaq Sanni     Iqra Books     Radio SBS     Offorjama     Kwara State Fish Farmers Association     Abraysports FC     SARS     Kwara     Dan Iya     IHS Towers     Olaiya Lawal     Patigi Regatta     Saadu Alanamu     Arinola Lawal     Olatunji Ayeni     Jimoh Olusola Imam     Ojo Fadumila     Sobi     Amule     Aliyu Adebayo     Samuel Adedoyin     Ajike People Support Centre     Gbemisola Saraki     Folajimi Aleshinloye     Ado Ibrahim     Lafiagi     Mashood Abdulrafiu Agboola     MAI Akande    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Aisha Ahman Pategi     Shururat Olatinwo     TVC Female National Debate     Abdullahi G. Mohammad     Tsaragi     Jumoke Monsura Gafar     Joseph Bamigboye     Kale Kawu     Babaita     CCT     Kale Ayo     Siraj Oyewale     AIT Ilorin     Ethical College     Raji Ayodele Kamaldeen     Ahman Pategi University     Boko Haram     Vishvas KOZ Tractors     Ilorin East/South Federal Constituency     Lateef Ademola Olatunji     Ilorin International Airport     Aishat Mohammed Lawal     Nigeria Foundation For Artificial Intelligence     Jaigbade Alao     Ridhwanullah Al-Ilory     Yemi Osinbajo     Balogin Alanamu     GRA     Yoonus Kola Olatinwo     Aliyu Muyideen     Balogun Ajikobi     Dan Iya     Apata Ajele Secondary School     CLAY POT     Abdulrahman Abdulrasak     Sherif Shagaya     Saad Belgore     Raimi Iyanda     Umar Bayo Abdulwahab     Tunji Oyawoye     Nurudeen Muhammed     Alaaya     Abatemi Usman     Metro Park     Joseph Offorjama     Press Release     Toyin Sanusi     Isa Aremu     Muyideen Ajani Bello     Ogidi-Oloje     Yusuf Ali     Folorunsho Erubu     Matthew Babaoye     Adamu Ibrahim Sabi     Taofeeq Olateju     Soffiyyallah Kamaldeen     April 11     T And K FOODS     KWASSIP     Amos Bajeh     Freshvine Nigeria Limited     Ijagbo Health Centre     Aliyu Muhammad Saifudeen     Asiwaju Bola Tinubu     Yahaya Seriki     Gaa Olobi     PharmAccess Foundation     Charcoal     Admiralty Villa     Erubu Oba Zubair     Jeunkunu-Malete-Bani     Temitope Ogunbanke     First Lady     Owo Arugbo     Suraj Tunji Oyewale     Sadiq Umar     Arinola Lawal